What is Blockchain?

Hello, everyone, I'm a 22-year-old entrepreneur very passionate about art, food, and business.I just recently started a youtube channel where I want to encourage entrepreneurs to become part of the cryptoworld , I want people to really understand the decentralization and stop thinking it is a quick get rich thing, so in this first post I'm explaining in my words what is blockchain, this post is transcribed from my youtube video, any advice or recommendation would be greatly appreciated

Blockchain technology was introduced to the public in 2008 by an anonymous group or individual, we are not sure who they are or who it is but they run under the pseudonym of Satoshi Nakamoto this group of people were the creators of bitcoin. I'm pretty sure that many of you have heard of Bitcoin because it's all over the news but maybe many of you didn't actually know what bitcoin was and how it worked, so this video is perfect for you all newbies because I'm going to explain to you the technology behind bitcoin.

Blockchain technology functions as an online digital ledger, for those of you that don't know what a ledger is, I'm going to explain it to you, a ledger it's a book where all the transactions are recorded that way we know who owns what and who owes what the ledger is used in all the economic systems and businesses, for example, the governments and banks have a ledger that records who owns houses, who owns businesses, and who owns them something. For example, the government knows when you owe them taxes.In commercial businesses the ledger records the amount of money that business is generating each month and the amount of money that business is spending each month and the result of this receiving money and this spending money is what we call the balance, the balance tells you if your business is making a profit or is losing money .

The ledger is not exclusive for money accountance,it can be used for many economic sectors for example in the restaurant business , imagine you have a pizza restaurant you need a ledger to record a number of ingredients that you buy each month for making the pizzas and you need to record the number of ingredients you use from that purchase to make the pizzas , and you also need to record a number of ingredients that are left over after the pizza making and those leftover ingredients are equal to your balance so it means that if you have an ingredient balance you will have already ingredient stock for your next month, so to sum up a blockchain it's an online digital ledger that can be used in many different ways for many different purposes.

The benefits of this ledger are: first it is uncorruptable meaning that the data recorded cant be changed by anybody, nobody is able to change that data, people are only able to update it and these updates are represented by blocks so this blocks are made like every second or every minute , these blocks are joined together making a chain that's where the name blockchain cames from. The fact that the blocks only can be updated but not change it's pretty cool because it prevents people from changing the information in their favor for example if someone declares they have $1,000 but we can see that in the previous block they only had $100 and that there is no record between those two blocks of that 900 difference we can tell him like hey man you are cheating and you are like expulsed of the system because nobody approves that change on your balance so in that way the blockchain cant be cheated.

The other cool thing about the blockchain is that this technology is decentralized meaning that it is not controlled by any singular entity and all the information recorded is public to the community for transparency.